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AUD/USD falls below 0.8750

FXStreet (Mumbai) - The Australian dollar declined from a near two-week high hit earlier today as the markets price-in a weak Australian vehicle sales data along with a slight recovery in the US Treasury yields.

The AUD/USD traded 0.17% lower at 0.8744 levels, after having declined from a high of 0.8796 hit during the Asian session. The Aussie had inched higher even though the bureau of statistics said that the new vehicle sales dropped 1.6% in October.

Moreover, the greenback had declined across the board during the Asian session as the official data in the US showed consumers expect annual inflation of 2.6% this year, down from expectations for inflation of 2.9% in October. However, the ten-year yields in the US seem to have stabilized round 2.29%-2.3%.

The Aussie may extend losses during the US session, if the industrial production data manages to surpass the market expectation.

AUD/USD Technical Level

The pair has an immediate resistance at 0.8776 and 0.8796. Meanwhile, support is seen at 0.8715 and 0.8652.

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